Singapore based investment giant Temasek is reportedly considering the plan to invest $350 Mn to $400 Mn (INR 35 to 40 Cr) in Fintech startup Pine Labs. The Noida based startup is currently valued at $800 Mn and Temasek’s funding may propel it to almost unicorn status.
Pine Labs and Temasek have declined to comment on the news report.
Established almost a decade back, Pine Labs has come a long way to emerge as one of the leading startups in PoS (Point of Sales) space. The startup’s main aim is to make digital payment as smooth as possible through its cloud based software.
Pin Labs and other startups in Fintech space are currently benefitting from government of India’s increasing push towards digitization. The Indian government started digitization push after Prime Minister Narendra Modi announcement demonetization movement in the fag end of 2016.
However, Pin Labs services are not merely restricted to India alone. It also offers services in several foreign countries like Malaysia, the United Arab Emirates (UAE), Qatar, Saudi Arabia, Indonesia, Philippines, Thailand and Vietnam.
Temasek looking to increase exposure in India
With almost $10 Bn exposure as of today, Temasek’s current portfolio companies includes startups like MagicLeap, FirstCry, Zomato, Policybazaar and Ola. If reports are to be believed then Temasek is most likely to increase its exposure further in India. Sources claim that the investment giant is seriously mulling to invest in the Mumbai based Fintech startup FINO.
International investors have maintain sustained interest in the Indian startups despite the on-going consolidation that has taken heavy toll on several startups. Some of the high profile startups that have huge exposure in indian startups are Tencent, Alibaba, Microsoft and SoftBank.